Hot Topics Article Archives - Page 58
How The Tax Bill Affects Coops
By the time you read this post, it is likely that President Trump has already signed the new Tax Act. Today’s post has been prepared by Rebecca Smith. She is our director of tax for cooperatives. This post if fairly long, but we want to get the information to our cooperative clients. We would strongly suggest talking the tax bill over with your tax advisor now since there may be some actions needed before ...
Read MoreIRS Issues 2018 Standard Mileage Rates
The optional standard mileage rates for business use of a vehicle will increase slightly in 2018, after decreasing in the two previous years, the IRS announced (Notice 2018-3). For business use of a car, van, pickup truck, or panel truck, the rate for 2018 will be 54.5 cents per mile, up from 53.5 cents per mile in 2017. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an ...
Read MoreU.S. Accounting Rulemaker Chief Outlines 2018 Goals
The 2018 objectives for FASB include assisting companies with accounting implementation challenges on four important standards—revenue recognition, leases, credit losses, and hedging—Financial Accounting Standards Board Chairman Russell Golden told Bloomberg Tax. Additionally, FASB will initiate or advance new projects relating to accounting for life insurance, distinguishing liabilities from equity, and improving segment reporting, ...
Read More7 Key Steps to Master Revenue Recognition Implementation
Standard setters have made game-changing revisions to revenue recognition standards, and the effective date for implementation is fast-approaching. The new standard replaces the existing transaction- and industry-specific revenue approach with a principles-based approach. Is your organization ready for this shift? The new standard was originally issued by the Financial Accounting Standards Board as Accounting Standards Update (ASU)
Read MorePractical Considerations for Lease Accounting
On the heels of a transformative and challenging revenue recognition standard, FASB's new lease accounting standard presents a potential tsunami of changes to the financial statements of public and private companies. In February 2016, FASB issued new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). This new guidance was initiated as a joint project with the International ...
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